As Artificial intelligence (AI) continues to evolve rapidly, businesses are increasingly turning to the advanced technology to enhance business growth.
Today, AI is already impacting how businesses deliver experiences that are better, faster, and more efficient. Companies in a wide range of industries are integrating AI into their systems as it has been proven to be a transformative technology with huge potential.
A study from Harvard Business Review notes that leaders who embrace AI now and take action to understand it, experiment with it, and envision how it can solve hard problems are going to run companies that thrive in an AI world. As AI technologies proliferate, they are becoming imperative for businesses to adopt to maintain a competitive edge.
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With the adoption of AI, many companies today have access to more data than ever before. According to Forbes, the amount of data created and consumed increased by 5000% between 2010 and 2020. Companies are now able to capture user data that can help them make informed business decisions.
Also, Accenture’s report on AI revealed that 84% of C-suite executive think leveraging AI will help them achieve their growth objectives. These statistics highlight that AI is no longer an experimental technology only used by select brands but has become a core part of operation for many companies across the globe.
In a study conducted by Business Name Generator (BNG), it outlined thirteen (13) reasons why businesses are adopting AI.
The first on the list is to improve existing processes and increase efficiency. Businesses are adopting AI to improve existing processes and increase efficiency across a wide range of functions, from manufacturing and customer service to finance and logistics.
By leveraging AI technologies, organizations can drive operational excellence, improve decision-making, and stay competitive in today’s rapidly evolving business landscape.
Below are other reasons according to BNG why businesses are adopting AI
- To improve customer service
- To generate new ideas, products, or services
- To improve the productivity of employees
- To reduce costs
- To improve communication and collaboration
- To improve decision-making
- To improve the recruitment and hiring process
- To automate tasks that are not strategic or creative
- To complete strategic or administrative tasks
- To generate creative content or copy
- To replace activity completed by employees
- To reduce the company workforce
By harnessing the power of AI for tasks such as predictive analytics, natural language processing, etc, organizations can gain a competitive edge by delivering innovative products and services that meet the changing needs of customers.
As AI continues to advance, its role in driving business transformation and innovation is only expected to grow. Regardless of the industry, the business falls under, AI can fit within any business strategy.
Notably, while Artificial Intelligence holds immense promise for businesses, its deployment is what matters most. The key to the successful integration of AI lies in adopting a use-case-driven approach, which focuses on the company’s problems and how the technology can be deployed to solve them.